While underlying trends in Japan's inflation data remain soft, the central bank is unlikely to ease anytime soon, says Paul Mackel, Head of Asia Currency Research at HSBC.

The BOJ has kept its inflation target at 2 percent by next year, as its unprecedented quantitative easing unleashed last year is expected to bolster prices.

Despite increased pressure for more monetary stimulus to support Shinzo Abe's radical policies to reflate the economy, analysts say the BOJ is unlikely to budge for now.

"What [the Japanese inflation data] really underscores is that the underlying trend of the inflation is still on the soft side if you strip out some of the impact from the VAT hike in April. That said, I don't think it suggests that the BOJ should be lining up any type of easing soon. I think that's still very much off the cards," said Paul Mackel, head of Asia currency research at HSBC.